Tether to Allocate Up to 15% of Profits to Acquire BTC
Tether, the USDT stablecoin issuer, has revealed that from May 2023 onwards, it will be allocating up to 15% of its net realized operating income to buying Bitcoin.
This move is designed to diversify and strengthen the company’s reserves.
In terms of storage, Tether will be relying on its own methods, rather than third-party solutions, and believes that Bitcoin is ideal for both institutional and retail investors, thanks to its limited supply, decentralized nature, and widespread adoption.
According to the first quarter report of 2023, Tether currently holds $1.5 billion worth of Bitcoin, accounting for 1.8% of its total reserves.
For the same period, the company reported a net profit of $1.48 billion.